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Industry

Korea Post partners with Korea Venture Investment to form venture fund to nurture unicorns

Korea Post’s Postal Service has teamed up with Korea Venture Investment to create a venture fund aimed at nurturing domestic unicorn companies. The two organisations signed a memorandum of understanding on July 30 to accelerate the fund’s formation and expand financial synergies. Under the agreement, Korea Post will offer preferential terms in its review process for fund managers selected by Korea Venture Investment. Korea Venture Investment will apply private investor incentives chosen by managers to Korea Post.

Finance

Woori Financial opens financial town in Jeonbuk Innovation City

Woori Financial Group has opened the Jeonbuk Woori WON Financial Town in Jeonbuk Innovation City, completing the presence of the four major financial groups’ regional hubs there. The complex brings together functions spanning capital markets, corporate finance and inclusive finance, housing units from Woori Asset Management, Woori Bank and other affiliates. Woori plans to supply 1.6 trillion won in funding to local small firms and merchants by 2030.

AI & Enterprise

Bezos also bets as CuspAI teams up with Nvidia to find new materials for AI chips

British AI startup CuspAI has raised $450 million and will work with Nvidia to discover new materials for next-generation semiconductors. CNBC reported the funding values CuspAI at $2.6 billion, with investors including Jeff Bezos’ Bezos Expeditions, Kleiner Perkins and others. CuspAI launched an AI Materials Foundry to link data, labs and computing resources. Nvidia will provide accelerated computing infrastructure, and Meta’s fundamental AI research group will also participate.